The latest report by IMARC Group, titled “Vietnam LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” finds that Vietnam LED lighting market size reached US$ 570 Million in 2019. A light-emitting diode (LED) is a semiconductor device that produces non-coherent, narrow-spectrum light when an electric current is passed through it. LED lighting systems have a longer lifespan, produce low heat, consume relatively less energy, saving almost 90% of the overall energy, and are environment-friendly in nature. On account of these benefits, LED lighting has gained immense popularity in Vietnam. At present, LED lighting products are available in different colors and shapes, whereas some models are also equipped with dimmable controls.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Vietnam LED Lighting Market Trends:
LED lights help in reducing excess energy consumption and carbon footprints. As a result, they are rapidly replacing incandescent lights in the streets of Vietnam. The Government of Vietnam is also encouraging the adoption of LED lighting products to combat high electricity consumption in the country. In line with this, it has introduced programs such as Vietnam Energy Efficient Public Lighting Project (VEEPL) and Vietnam National Energy Efficiency Plan (VNEEP). Furthermore, the Ministry of Industry and Trade in Vietnam has decided to accommodate more supermarkets, shopping malls and commercial centers, as the share of modern retail spaces in the country is less as compared to other developing countries. This, coupled with the burgeoning tourism sector, is catalyzing the demand for LED lights in the commercial applications. Apart from this, the high rate of urbanization and increasing influx of Foreign Direct Investments (FDI) is boosting the real estate sector in the country, which in turn is strengthening the growth of the Vietnam LED lighting market. Looking forward, the market is projected to reach to exhibit moderate growth during 2020-2025.
- On the basis of the product type, LED panel lights currently represent the most popular type of LED lights used across the region. Other major segments are bulb and tube, street, down and flood lights.
- The market has been categorized based on the application into commercial, residential, institutional and industrial sectors. Amongst these, the residential sector exhibits a clear dominance in the market.
- On the basis of the installation type, the market has been bifurcated into new and retrofit installations. At present, retrofit installations account for the majority of the overall market share.
- The competitive landscape of the market has been examined in the report, with some of the key players operating in the industry.
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